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Alibaba And Other Chinese Stock Investors Remain Cautious Over China's Political Body Forum With Leading Firms

By Anusuya Lahiri
  • China’s top political advisory body looks to host a forum next week with some of the nation’s largest private-sector firms, including Baidu, Inc (NASDAQ:BIDU), Bloomberg reports.
  • While the conference focused on developing China’s digital economy, investors will likely watch for a possible wind-down of its year-long crackdown on the tech sector after a regulatory turbulent 2021.
  • Investors remained wary as they weighed a mixed bag of developments, including a restart of gaming approvals and a campaign to rein in the algorithms that internet companies employ to serve content and gather data.
  • Beijing crackdown started with the cancellation of Ant Group Co’s IPO, followed by a curb on gaming time for minors, forcing companies from Alibaba Group Holding Limited (NYSE:BABA) and Meituan (OTC:MPNGY) to DiDi Global Inc (NYSE:DIDI) to alter core business practices.
  • Shares of the companies ranging from Tencent Holding Ltd (OTC: TCEHY) to Jack Ma’s Alibaba surged on April 29 after China’s top leaders issued a sweeping set of pledges to boost economic stimulus. 
  • That rally proved short-lived partly due to the lack of concrete measures to prop up a sector that’s shed more than $1 trillion of value.
  • The Chinese People’s Political Consultative Conference hosts the symposium next week with attendees ranging from the Cyberspace Administration of China and business executives, including Baidu founder Robin Li and possibly Vice Premier Liu He, President Xi Jinping’s top economic aide.
  • Price Action: BABA shares traded lower by 2.83% at $79.42 on the last check Thursday.
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Dive Deeper:
Alibaba Up 2.8%, Nio Jumps 5.8%: What's Pushing Hong Kong Markets Higher Today
Shares of U.S.-listed Chinese companies traded higher in Hong Kong on Friday, after ending the previous session deep in the…
Why Alibaba Stock Looks Poised For Reversal
Alibaba Group Holdings, Ltd (NYSE: BABA) stock is spiking higher on Friday, in tandem with the S&P 500, which was…
China Faces Grim Economic Prospects, Experts Say
Analysts say the slowdown is attributable not only to China’s Covid policies but also to a crackdown on private enterprise,…
Why Netflix Shares Are Diving Today
Shares of several companies in the broader technology sector, including Netflix Inc (NASDAQ: NFLX), are trading lower amid continued volatility as…
One subscription that gives you access to news from hundreds of sites
China’s tech workers face layoff bloodbath amid crackdown, losses
Tens of thousands of workers have been let go amid a regulatory crackdown and overly aggressive expansion.
Why AMC Shares Are Skyrocketing Today
AMC Entertainment Holdings Inc (NYSE: AMC) shares are trading higher by 22.91% at $12.74, rebounding off near the company’s 52-week…
Get all your news in one place